Kohl’s shares spiked Wednesday as the struggling retailer posted a surprise profit and affirmed its full-year guidance while it chases a turnaround.
Shares of the company closed more than 7% higher Wednesday, after jumping even higher earlier in the day.
Across the retail industry, Walmart, Target, Foot Locker and others have spoken about how high food prices have made selling clothing, sneakers and other discretionary merchandise tougher. Kohl’s, however, has had to tackle a more fundamental hurdle: Proving that its brand still resonates with shoppers and getting back on track with consistent sales growth.
On a call with analysts, Kohl’s CEO Tom Kingsbury and CFO Jill Timm stressed changes…